Press Release
VIS Reaffirms Rental REIT Rating of Dolmen City REIT
Karachi, January 30, 2026: VIS Credit Rating Company Limited (VIS) has reaffirmed the Rental REIT rating of Dolmen City REIT (‘DCR’ or the ‘Scheme’) at ‘AAA (rr)’ (Triple A Rental REIT). The Rental REIT rating of ‘AAA (rr)’ indicates highest capacity to maintain stable rental income. Risk factors impacting value of REIT assets are negligible over the foreseeable future. Outlook on the assigned ratings remains ‘Stable.’ Previous Rating action was announced on December 02, 2024.
DCR is a perpetual, listed, closed-end, Shariah-compliant rental REIT scheme launched by Arif Habib Dolmen REIT Management Limited (AHDRML). Located in the Clifton area of Karachi, the Scheme comprises Harbour Front (office space), Dolmen Mall (retail mall), and an associated parking facility. It has been operational for several years, with all activities, including deposits, bank placements, and rental and marketing income, adhering to Shari’ah principles. The Scheme’s primary activity is generating rental income through its investment property and distributing this income to unitholders as dividends.
DCR’s rating reflects its strong business profile, supported by a high-quality commercial asset base, stable occupancy, and a conservative financial structure with negligible leverage. The Scheme continues to benefit from its established market position in Karachi’s prime commercial district and sustained demand from multinational and local tenants, underpinning resilient rental cash flows. Operational performance remains sound, with high tenant retention, a diversified tenant mix, and a lease maturity profile that supports visibility of income streams. Management practices, governance structures, and oversight mechanisms remain aligned with regulatory requirements, reinforced by experienced sponsors from the Arif Habib and Dolmen Groups.
Financial performance is stable, supported by consistent growth in rental income and expansion in Net Asset Value, despite higher operating expenses and moderated fair-value gains. Liquidity remains strong, with healthy banking balances. The rating also incorporates the quality of property management, regular valuation practices, and the REIT’s adherence to Shariah guidelines. Going forward, maintaining financial and operational stability will remain important from the ratings perspective.
For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria:
REIT Fund Rating
https://docs.vis.com.pk/Methodologies-2025/REIT-Methodolgy-ESG-V1-Jan-2025.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf